You borrow $3750 to buy new fitness equipment.The simple interest rate is 2%. You pay the loan off after 4 years. What is the to

Question

2 years ago

7

You borrow $3750 to buy new fitness equipment.The simple interest rate is 2%. You pay the loan off after 4 years. What is the to

tal amount you paid for the loan? Item 17 You borrow $3750 to buy new fitness equipment.The simple interest rate is 2%. You pay the loan off after 4 years. What is the total amount you paid for the loan?

Mathematics

1 answer:

Alinara [238K] · Answer 1 · 2022-04-17T13:15:55+03:00

Alinara [238K]2 years ago

6 0

Provided the 2% interest rate. The interest itself over a period of 4 years, compounds to $300. Thus, the total interest plus the cost of the fitness equipment would be a total of, $4,050.